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One in Three Internet Users in Australia Bank via Mobile

Millennial reach surpasses 50%

February 24, 2016 | Mobile | Financial Services

About one in three internet users in Australia conduct mobile banking activities, according to 2015 research.

Internet Users in Australia Who Use Mobile Banking, by Generation, July 2015 (% of respondents in each group)

In July 2015, RFi Group found that 32% of internet users in the country used mobile banking at least once per week, alongside other banking channels. That aligned closely with the 33.6% of bank account holders in the country found to use mobile banking in separate August 2015 research.

RFi broke out its results by age, and predictably, the youngest respondents were most likely to use mobile banking. Mobile banking was even a majority activity among internet users ages 18 to 34; Gen X internet users also had above-average mobile banking penetration.

Usage fell steeply among older internet users, however. Just 14% of baby boomers and 10% of those ages 71 and older conducted mobile banking activities on a weekly basis.

Smartphone Banking Usage Among Smartphone Internet Users in Select Countries, 2014 & 2015 (% of respondents)

Among the population of smartphone internet users, mobile banking penetration is higher. In September–October 2015, the UK’s Office of Communications (Ofcom) found that 50% of that group conducted banking activities on their smartphone.

Bank customers in Australia also use mobile to research and purchase financial services. According to Bain & Co. and Research Now, 21% of respondents researched bank products via mobile in September 2015. Eight percent used mobile to purchase banking products.

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